Lease Action definition
Examples of Lease Action in a sentence
Purchaser acknowledges and agrees that, except as otherwise expressly provided in this Agreement, Purchaser agrees to take the Property on an "as is, where-is" basis, with all faults, in substantially its present condition, subject to ordinary use, wear and tear and natural deterioration and any Space Lease Action (hereinafter defined) between the date hereof and the Closing and subject to casualty and condemnation to the extent provided in this Agreement.
If any action, arbitration or proceeding (including any appeal thereof) is brought by either party to enforce its rights under this Lease or to collect a judgment against the other arising from this Lease ("Action"), the unsuccessful party therein shall pay all enforcement costs incurred by the prevailing party therein, including reasonable attorneys' fees and costs.
If Buyer fails to consent or reject (with an explanation of Buyer’s reason for rejecting such Lease Action) any Lease Action by notice to Seller within five (5) Business Days of receipt of Seller’s notice of a proposed Lease Action (together with the items required to be delivered by Seller under this Section 4.5.1(b)), then Buyer shall be deemed to have approved the proposed Lease Action.
If Purchaser fails to notify Seller in writing of its approval or disapproval of a Lease Action within the five (5) day time period (or by the Closing Date, if earlier) for such purpose set forth above, such failure shall be deemed the approval of such Lease Action by Purchaser.
If Lender fails to approve or object to the proposed Lease Action within such 10-Business Day period, then Borrower shall send a second notice for approval of such Lease Action to Lender containing a legend clearly marked in bold face type, underlined, in all capital letters “REQUEST DEEMED APPROVED IF NO RESPONSE WITHIN 10 BUSINESS DAYS”.
With respect to Sellers’ request for approval of any proposed Lease Action: (A) if such request is delivered by Sellers to Buyer before the date which is three (3) business days prior to the expiration of the Inspection Period, Buyer’s consent shall not be unreasonably withheld or conditioned; and (B) if such request is delivered by Sellers to Buyer after the date which is three (3) business days prior to the expiration of the Inspection Period, then Buyer may withhold its consent at its sole discretion.
Buyer agrees to give Sellers written notice of approval or disapproval of a proposed Lease Action within two (2) business days after Buyer’s receipt of a copy of the proposed new lease or licensing agreement, Lease amendment or terms of Lease termination, as applicable.
If Purchaser notifies Seller that it does not approve a Lease Action for which its approval is required under this Section 5.4(g), then Seller shall not take such Lease Action.
Any Lease Action for which Lender’s consent was not obtained shall be void ab initio.
Any new Space Lease, termination of a Space Lease, or amendment, modification, renewal, expansion, extension or waiver of any right to terminate any Space Lease (or any other action that results in liability for a brokerage commission) that in any case becomes effective from and after the date hereof being referred to herein as a "Space Lease Action".